In a recent year GDP per capita in the United States was much higher than GDP per capita in France. Why would there be such a large difference in GDP per capital between two rich leader countries?
Please provide the best answer for the statement.
The explanation has to do with differences in the characteristics of the work force in the United States and France. U.S. workers spend substantially more time working than do French workers for two reasons. First, more of the U.S. population is employed than is the French population. Second, U.S. workers who are employed work longer hours than French workers. These two differences contribute to a sizable difference in the labor supply in the United States compared with France, and thus accounts for the sizable difference in per capital GDP in the two leader countries.
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Suppose an economy only produces two goods, robots and ice cream. Last month, the economy produced 10 robots and 200 gallons of ice cream. This month, the same economy produced 15 robots and 240 gallons of ice cream. Which of the following statements could explain this change?
a. This month, the economy reduced the unemployment of its resources. b. This month, the economy experienced an improvement in technology. c. This month, the economy experienced an increase in resources d. All of the above are correct.
According to the text, the highest 20 percent of U.S. income households earn about what percentage of total income today?
A) 10 percent B) 20 percent C) 50 percent D) 95 percent